The foreclosure case was before the court because the defendant had brought a motion to dismiss the foreclosure with prejudice. The judge, having previously become annoyed with the bank and the bank’s counsel, had requested that there be an order to show cause. The judge was questioning the pleadings and wanted the foreclosure mill representing the bank to come forward and prove that they had not been involved with any inappropriate conduct.
The judge was clearly upset and said to the banks’ attorneys:
Counsel, this is all speculation. What we are here about is lawyers practicing law correctly. Lawyers reviewing the documents they submit to the court and making sure that they are correct before they are submitted. “It’s not my fault”, “this is a clerical error” and “the dog ate my homework” isn’t going to do.
The court went on to question what kind of supervision is going on at the foreclosure mills and whether the named partners were in any manner setting up the proper systems to ensure that quality work was being produced. The court specifically stated that legal work being dished out in a factory-like fashion may “be okay for you, but it is not okay for the court.”
Not only have oil prices shot up, we now face a whole new set of issues and concerns from the devastation and dislocation in Japan caused by the sudden earthquake. Further, we will have to remain on edge for the next several weeks as aftershocks are felt in the Pacific Rim and the specter of additional quakes loom throughout the world. The Haiti and Chilean quakes were about a month apart last year, and quakes in Australia and New Zealand preceded this massive quake in Japan.
So you may ask, why is this relevant to me, my home and real estate prices? The answer is simple. In Japan, for example, some areas will have so declined in value that the properties may be close to worthless for years, while other areas spared the devastation may over-night double in value.
In the U.S. where certain communities have an excess supply of homes, I have always considered that part of our nation’s resources: an ark so to speak. God forbid, if America was to suffer the kind of devastation we are seeing in Japan, we will have the ability to move thousands of people quickly into homes that are vacant or abandoned. In fact, the latest estimates suggest 11% of all homes in the U.S. are currently vacant. Read the rest of this entry »
During the webcast, Oppenheim discusses how with the departureofFannieMaeandFreddieMac also goes the traditional 30-year mortgage, paving the way for a new 20-year mortgage, higher interest rates and larger down payments. In other words, buying a house just got harder.
If you missed this hour of economic insight from a leading industry expert, the replay will be available on OppenheimLawTV and the OppenheimLawYouTube channel for the next 30 days! We want to remind you that as the short sale market heats up, Oppenheimlaw and WestonTitle are here to service all your legal and title insurance related needs.
Oppenheim Law tells all at 6 pm tonight with perspective on the state of Florida Real Estate via a free Webcast or be part of a live audience in Boca Raton.
Homeownership will no longer define the AmericanDream. That’s because 30-year,fixed-mortgageloans that we’ve known since the 1950s may become a luxury if the federal government tightens constraints on FannieMaeandFreddieMac—the two lenders that historically backed home loans for the masses (even with far less than perfect credit scores). Indeed, a private mortgage finance market could emerge with entirely new rules—rules that make it harder and more expensive to get a loan.
Next, consider convicted Ponzischeme mastermind Bernie Madoff’s comments from his prison cell. Madoff told New York magazine that GoldmanSachs,MerrillLynchandMorganStanleySmithBarney knew all along that he was working the system—and did nothing. Madoff suggested that the entire government is a Ponzi scheme. What if Madoff is right? It’s a disturbing thought…
That leads us to the question, “Whyisn’tWallStreetinJail?” Where’s the accountability? Clearly, greedy banks did their dirty deeds and clearly American taxpayers are footing the bill. Wealth has been destroyed. Lives ruined. Yet Wall Street—and the prominent firms that make up the financial services industry—seem to be living above the law.
What’s an American homeowner—or foreclosure victim—to do?
Join OppenheimLaw tonight, March 9 at 6 p.m. RoyOppenheim is holding a realestateworkshop where he discusses how the aftermath of Wall Street’s greed is still affecting homeowners across the country and what you can do to pull yourself out of the hole the banks created. Oppenheim will also share how rising oil prices, continued unemployment and the possibility of an American double-dip recession is impacting the South Florida real estate market, as well as the pros and cons of how changes to mortgage options could impact SouthFloridaforeclosures and shortsales. Read the rest of this entry »